Walmart announced that it will cancel installment payments before the peak season! Adopt the "buy now, pay later" model

It is learned that Walmart recently announced that it will cancel the installment payment plan before the peak season and instead cooperate with installment payment provider Affirm to launch a "buy now, pay later" plan, allowing buyers to pay within a period of time after purchasing the product.

A Walmart spokesperson said: "During the peak season last year, we eliminated seasonal installment payments in most stores, with the exception of certain jewelry items in certain stores. The buy now, pay later payment plan provided the right solution for our customers."

Eligible categories include electronics, toys and household; ineligible items are alcohol, gasoline and pet supplies, and the full list can be found on Walmart's official website.

It is reported that consumers will be able to apply for loans for a minimum of 3 months or a maximum of 24 months for the goods they purchase. For orders with a total amount between US$144 and US$799.99, buyers can pay off the balance within 3, 6 or 12 months. For shopping carts between US$800 and US$2,000, buyers can pay off the balance within 12, 18 or 24 months.

Some categories also offer 0% APR for a limited time, while other items have an APR between 10% and 30%, depending on the buyer’s credit. Buyers can make or schedule payments on Affirm.com or the Affirm app for iOS or Android.

A few weeks ago, Amazon said it was working with Affirm to offer BNPL for purchases of $50 or more.

Editor ✎ Xiao Zhu/

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